St. Louis, MO - Private Issuer - People's Savings Institution 5 Cents November 15, 1862. PCGS Fine 15 Apparent. This and the next few change bills are from an unusual scrip note series. Private individuals guaranteed their note circulation with deposits made at the People's Savings Institution (in essence, acting as a clearing house) in order to make change. The notes were readily accepted based upon most remaining notes observed being worn or cancelled. The integrity of the bank and issuers were well known, and it appears most were redeemed. The Newman Collection has five different signature issuers, but only one is very high grade. It is interesting that most of the issuers in the Newman Collection appear to be German-Americans. All denominations have a common size and layout. Printed on white paper in blue by A. Wiebusch & Son, Prs. A small dog's head is at the bottom, and titles are across with FIVE CENTS in the center. Stamped in red at left by Emil Ulrici as Cashier. D letter. The full signature is difficult to read; the first initial is \"B.\" Noted with \"Edge and Internal Splits; Hinge Repair on Back; Minor Mounting Remnants.\" Typical grade for this style of note. Ex: Eric P. Newman Numismatic Education Society \n\n
From Newman VIII (Heritage Auctions, 11/2017), lot 29465, realized $79. Image and description courtesy of Heritage Auctions, https://ha.com.
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